Contact details

Richard McGarry

T: +44 20 7809 2983 Email Richard | Vcard Office: London

Richard McGarry Associate

Contact details

Richard McGarry

Richard McGarry
Associate

T: +44 20 7809 2983 Email Richard | Vcard Office: London

Richard is an associate in the regulatory litigation group specialising in financial services regulation and corporate crime. He acts for financial institutions and individuals subject to regulatory enforcement and criminal investigations and proceedings.
  • Profile
  • Services
  • Sectors

Richard has experience acting for a variety of institutions and individuals across the financial services sector including banks, asset managers, hedge funds, insurers and broking houses. Cases often include allegations of involvement in insider dealing, market manipulation, money laundering, conflicts of interest, fraud, breaches of confidentiality, bribery and corruption. Richard acted for a number of individuals connected to the multi-jurisdictional LIBOR and foreign exchange manipulation investigations conducted by the Financial Conduct Authority and the Serious Fraud Office. He also has experience of equivalent investigations in foreign jurisdictions including the US, Continental Europe and Dubai. More recently, he has acted for clients connected with the overstatement of profits at Tesco Plc (and the various pieces of litigation emanating thereof) and the Danske Bank AML investigation.

He acts for clients in relation to contentious financial services disputes and corporate criminal liability. He has also advised a number of institutions in respect of their various requirements and obligations arising out of the Modern Slavery Act 2015, and has experience of a wide range of other non-contentious regulatory matters.

  • Regulatory litigation
  • Corporate crime and directors' criminal liability
  • Regulatory compliance
  • Commercial litigation
  • Dispute resolution

Allegations of manipulation in the IPO and placings market

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998.

Retail credit

Advising a senior individual at a large UK bank respond to allegations of control failings and failing to treat customers fairly in relation to its UK retail credit activities.

s.166 investigations

Assisting clients in connection with the various stages and demands of s.166 investigations.

Foreign exchange

Representing individuals subject to regulatory and criminal investigations relating to allegations of manipulation of the foreign exchange market, specifically the foreign exchange spot and derivative markets.

LIBOR – market manipulation

Acting for several individuals accused of manipulating LIBOR, advising them through internal inquiries, and regulatory and criminal enforcement.

Market abuse

Acting for an individual in the course of defending allegations of market abuse.

Pharmaceutical appeal

Acting for a client in relation to an appeal to the Prescription Medicines Codes of Practice Authority regarding a complaint by a customer concerning the way in which a Prescription Only Medicine was marketed.

Bond market

Acting for a client involved in the FCA's cross-border investigation into the SSA bond market.

Acting for another client in relation to a large bank's internal investigation into its participation in the SSA/GILTS market over a period of 7 years. 

Investigation by the General Pharmaceutical Council (GPhC)

Successfully defended a client subject to enforcement action brought by the GPhC in respect of their fitness to practice.

Pension transfers

Assisting an entity responding to a regulatory enquiry into the mis-selling of various pension transfer products.

Compliance officers

Represented a number of compliance officers in respect of regulatory enforcement in both the UK and the DIFC.

More: Regulatory litigation

AML investigation in the Baltic and Scandinavian Regions

Advised a client regarding widespread allegations of money laundering in the Baltic and Scandinavian Regions.

Bribery

Advising the subsidiary of an African state oil corporation in connection with allegations of receiving bribes on the part of one of its directors.

Tesco – alleged false accounting

Advising a senior Tesco executive following allegations of manipulation of company accounts to make a misleading profit statement.

Public Inquiry

Assisting a client in the pharmaceutical industry respond to various requests to produce relevant documents to a Public Inquiry. 

LIBOR

Assisted with the representation of a LIBOR submitter in investigations by the US Department of Justice and prosecution by the SFO in relation to allegations that submissions were dishonest.

Acted for an individual involved with one of the numerous criminal investigations against various groups of individuals arising out of the multiple regulatory institutional settlements.

Attended interviews with clients in which they are compelled to provide answers to the prosecutor, and also whilst under caution.

LIBOR fraud allegations

Advised an alleged co-conspirator of Tom Hayes in connection with allegations of a conspiracy to defraud during the individual's time as a broker.

Confiscation proceedings

Advising clients in respect of confiscation proceedings, including on occasion, agreed settlements.

Market abuse and money laundering offences

Advising clients such as directors and compliance officers defending allegations of both market abuse offences under the criminal regime, and the relevant criminal elements of money laundering legislation.

Acting for a client in the European Distressed Debt market accused of dealing whilst in possession of Material Non-Public Information.

More: Corporate crime and directors' criminal liability

Money Laundering Regulations 2017

Assisting clients from a wide range of industries to comply with the extensive requirements and obligations set out in MLR 2017.

Modern Slavery Act

Richard leads the firm's cross-departmental team (consisting of members from the regulatory and employment teams, and the corporate department) in respect of advice sought by clients regarding the Modern Slavery Act 2015. Richard has advised numerous clients across various sectors (banking, aviation, retail, insurance, leisure, and manufacturing) on the Act's various (and wide-reaching) requirements and obligations.

FCA supervisory visits

Assisted regulated entities prepare for routine supervisory visits.

Notifications

Advising entities on their obligations and responsibilities in relation to regulatory notifications, specifically RNS notifications to the market and notifications to the FCA under Principle 11.

Senior Managers' Regime

Advising both individuals and entities on their respective obligations under the FCA's Senior Managers and Certification Regime.

Cross-border regulatory compliance

Advising clients on the relevant regulatory standards and requirements for their regulated activities in various jurisdictions (both "off" and "on" shore).

Policies and procedures

Drafting and amending a wide range of policies and procedures for clients across a broad range of sectors. Subject matters include: bribery and corruption; AML; KYC/DD; conflicts of interest; compliance; legal; whistleblowing; document retention; health and safety; and code of conduct.

More: Regulatory compliance

Defending an unfair prejudice petition

Acting for the defendants (and majority shareholders) in respect of a claim of unfair prejudice (s.994 Companies Act 2006).

Misfeasance in public office

Advising on the merits of a claim for misfeasance in public office.

Collateral use

Advised a client regarding the legality of civil litigants to use documents generated in separate criminal proceedings.

Unconscionable receipt

Defending an allegation of unconscionable receipt of property on the part of a client in the precious metals industry. 

More: Commercial litigation

Defending an unfair prejudice petition

Acting for the defendants (and majority shareholders) in respect of a claim of unfair prejudice (s.994 Companies Act 2006).

Misfeasance in public office

Advising on the merits of a claim for misfeasance in public office.

Foreign exchange

Representing individuals subject to regulatory and criminal investigations relating to allegations of manipulation of the foreign exchange market, specifically the foreign exchange spot and derivative markets.

LIBOR – market manipulation

Acting for several individuals accused of manipulating LIBOR, advising them through internal inquiries, and through regulatory and criminal enforcement.

Market abuse

Acting for an individual in the course of defending allegations of market abuse. Richard has presented on this topic to both clients and members of the profession.

Bond market

Acting for a client involved in the FCA's cross-border investigation into the SSA bond market.

Allegations of manipulation in the IPO and placings market

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998.

More: Dispute resolution

  • Banks and banking
  • Funds and financial services
  • Retail and luxury goods

Banks

Acting for banks under investigation by FCA Enforcement relating to allegations of inappropriate systems and controls.

Individuals

Advising both current and former employees of banks under regulatory investigation / enforcement and involvement in alleged criminal offences.

Defending a member of a bank's Executive Committee against allegations of being knowingly concerned with widespread money laundering.

Assisting a client to defend allegations of failing to treat customers fairly in the UK retail credit market.

Senior Managers' Regime

Advising both individuals and entities on their respective obligations under the FCA's Senior Managers' and Certification Regime.

More: Banks and banking

Asset managers

Advising individuals in relation to regulatory compliance and approvals.

Defending allegations of market abuse in the European Distressed Debt market.

Bond market

Acting for a client involved in the FCA's cross-border investigation into the SSA bond market.

IPOs and placings

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998 in respect of the IPO and placings market.

Hedge funds

Acting for an individual subject to an investigation by the FCA in respect of allegations of misuse of confidential information, conflicts of interest and collusion with others regarding the sale of various financial products.

Corporate broking

Acting for an individual in respect of allegations of wall-crossing and conflicts of interest.

Investment broking

Acting for a compliance officer subject to regulatory action.

More: Funds and financial services

Grocery and general merchandise

Advising a senior Tesco executive following allegations of manipulation of company accounts to make a misleading profit statement.

Multinational wholesaler

Acting for the majority shareholders of a multinational conglomerate in respect of a claim of unfair prejudice (s.994 Companies Act 2006).

Wholesale and packaged insurance products

Advising in relation to allegations of impropriety in respect of the mis-selling of insurance products.

Pharmaceutical retail

Successfully defending a client in relation to an investigation in respect of a client's fitness to practice by the GPhC.

Representing a client in relation to an independent public statutory inquiry concerning the use of infected blood in the NHS.

Acting for a client in relation to an appeal to the Prescription Medicines Codes of Practice Authority regarding a complaint by a customer concerning the way in which a Prescriptions Only Medicine was marketed.

Precious metals

Defending an allegation of unconscionable receipt of property on the part of a client.

More: Retail and luxury goods

Latest news & insights

04 Jul 2019

From Insights

Raphaels falls foul of the regulators' outsourcing requirements once again: how to avoid the regulators’ glare and what lies ahead

In November, we updated you on the FCA's decision to fine Liberty Mutual Insurance Europe SE £5.28 million for failing to properly oversee the insurance claims and com..

More

30 Nov 2018

From Insights

Cyber and Technology Resilience – future supervisory and enforcement focus

On 27 November 2018, the FCA published a report summarising its findings from an in-depth survey into the technology and cyber capabilities of 296 firms. The report hi..

More

05 Nov 2018

From Insights

Large insurer joins the list of firms to fall foul of the FCA's outsourcing requirements

In recent times, outsourcing in the financial services sector has been a firm focus for the FCA.

More

22 Aug 2018

From Insights

SARs: a need for change, but in which direction? - the Law Commission consults

This alert examines the key topics raised in the Paper, and sets out the various proposals that the Paper puts forward.

More

30 Nov 2017

From Insights

FCA puts compliance functions on notice

On 23 November 2017, the FCA published the results of its research into compliance functions in wholesale banks.

More

26 Jul 2017

From Insights

US LIBOR case deals a blow to cross-border assistance and clarifies the use of compelled evidence

A US Appeals court has reversed the convictions of two ex-Rabobank employees in connection with their alleged roles in the manipulation of LIBOR.

More

19 Aug 2016

From Insights

HMRC raises the stakes for tax avoidance enablers

On 17 August, HMRC launched a consultation setting out proposals to impose punitive sanctions on those who design, promote and market tax avoidance schemes. We examine..

More

01 Jun 2016

From Insights

Burden on compliance functions revealed – the real cost of the regulatory “perfect storm”

On 24 May 2015, the FCA published a report by consultancy firm John Howell on how banks have responded to rules intended to hold them accountable for money laundering ..

More

09 Nov 2015

From Insights

Modern Slavery Act 2015 – s.54 in force and long-awaited guidance provided

Tony Woodcock and Richard McGarry comment on the Modern Slavery Act 2015

More

07 Aug 2015

From Insights

Modern Slavery Act 2015

We discuss the Modern Slavery Act 2015.

More

print-footer
logo
© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.